In a significant development in the trial of Ismaila Mustapha, popularly known as Mompha, the sixth prosecution witness, Idi Musa, disclosed on Monday that N35 billion was discovered in two bank accounts linked to the defendant. The revelation was made before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.

The Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC) arraigned Mompha and his company, Ismalob Global Investment Limited, on January 12, 2022. They face an eight-count charge that includes conspiracy to launder funds obtained through unlawful activities, retention of criminal proceeds, failure to disclose assets, and possession of documents containing false pretenses.

One of the charges stated: “Ismaila Mustapha, Ahmadu Mohammed (at large), and Ismalob Global Investment Limited, sometime in 2016, in Lagos, within the jurisdiction of this Honourable Court, conspired amongst yourselves to conduct financial transactions to the tune of N5,998,884,653.18 with the intent of promoting the carrying on of specified unlawful activities to wit: obtaining by false pretense.”

Mompha pleaded not guilty to all charges.

On September 22, 2022, Justice Dada ruled that the trial would proceed in absentia after Mompha jumped bail.

During Monday’s proceedings, Musa, an EFCC investigator, testified that intelligence received from the Federal Bureau of Investigations (FBI) in 2019 implicated Mompha and his company in cybercrime activities in the United States.

Musa explained that letters were sent to two major banks to obtain account statements for the accounts linked to Mompha. "During the analysis, we discovered a heavy flow of N30 billion through one account and about N5 billion in another bank account," he said.

Further investigation revealed that Mompha was not residing in Nigeria. Efforts to contact him were initially unsuccessful, leading to a request for the Nigeria Immigration Service (NIS) to arrest him upon his entry into the country. Mompha was eventually apprehended at the airport on October 18, 2019, as he attempted to leave Nigeria.

The EFCC's investigation contradicted Mompha’s claim of being involved in the Bureau De Change (BDC) business, revealing he operated without a license. A forensic analysis by the FBI also found that Mompha’s iPhone was used to send account details and search for Swift Codes of a bank.

Musa concluded that the case involved money laundering and unlicensed BDC operations. All properties recovered from Mompha were registered with the EFCC's Exhibits Section.